Elon Musk Sells $4 Billion In Tesla Shares Amid Twitter Deal

Elon Musk reportedly sold 4.4 million shares of Tesla's stock worth roughly $4 billion amid Twitter deal.

New Delhi: Tesla CEO Elon Musk has reportedly sold 4.4 million shares of the company stock worth roughly $4 billion in a move to help fund his purchase of Twitter. In a tweet, Elon Musk on Friday morning said there were “no further TSLA sales planned after today”.

No further TSLA sales planned after today

— Elon Musk (@elonmusk) April 29, 2022

Elon Musk reported the sale in a filing with the Securities and Exchange Commission on Thursday. The shares were sold over the past few days, at prices ranging from $872.02 to $999.13, according to a report by The Associated Press.

Most of the sales took place on Tuesday, a day when Tesla shares closed down 12 per cent, a huge single-day drop. With Elon Musk acquiring Twitter, the stock of his electric car company tanked, and at least $125 billion were wiped out from its market value over some obvious risks.

Tesla shares sank 12.2 per cent after the Twitter acquisition news broke. The world’s richest man has a net worth of $257 billion but two-thirds of his wealth is in Tesla stock.

The company warned investors about the same in its latest annual report filed with the US Securities and Exchange Commission.

“If Elon Musk were forced to sell shares of our common stock that he has pledged to secure certain personal loan obligations, such shares could cause our stock price to decline,” the company said.

(With inputs from Agencies)